The Analysis Of Convertible Bonds Pricing Of Baiyun Airport

Since the China Securities Regulatory Commission issued a new regulation and convertible bond credit purchase policy,China's convertible bond market has entered a period of rapid development,but the relevant theoretical research reserves are weak,and the pricing subject experience is insufficient,resulting in some convertible bond pricing in the market are not very reasonable.This paper first introduces the research results of domestic and foreign scholars' convertible bond pricing,introduces the main three pricing models,binary tree,Monte Carlo and B-S model,and then chooses two kinds of representatives based on two perspectives of pricing ideas.The B-S model and the binary tree method,are used for pricing analysis.In terms of case selection,this paper chooses Baiyun Convertible Bonds as the case study object,and introduces its background,issuing motives and terms,and demonstrates its representativeness to China's overall convertible bond market.In the specific pricing link,compared with the general case study,this paper applies the BS model in detail,and deeply discusses the value determination of the resale option and redemption option under the model.In terms of binary tree,this paper takes a half-year as a time interval,and divide 11 pricing nodes to simulate stock price fluctuations,and obtains the result.Through the analysis,this paper extends the discussion of the pricing problem to the whole convertible bond market,and draws the following conclusions: Firstly,the error of the pricing model,mainly In terms of applicability,it affects the accuracy of pricing;Second,the issue mechanism and terms of the convertible bonds are set.The supply of convertible bonds caused by excessive review is insufficient.Some factors that are difficult to quantify are as follows: the amendments affect the pricing results;And the lack of rationality in the market makes the actual price and the intrinsic value of the convertible bond deviate.In view of the above problems,this paper puts forward corresponding suggestions,which improve the practicability of this paper.Finally,the paper summarizes the whole thesis and puts forward some suggestions,hoping to contribute to the development of China's convertible bond market.